Boston Partners Has $12.83 Million Holdings in 8x8 Inc $EGHT

Key Points

• Boston Partners has reduced its stake in 8x8 Inc by 3.4%, now holding approximately 4.87% of the company, valued at $12.83 million after selling 225,336 shares in the first quarter.
• In addition to Boston Partners, several institutional investors, including Vanguard Group and Invesco Ltd., have also adjusted their holdings in 8x8, with institutional ownership now at 93.99%.
• The stock has received mixed ratings from analysts, with a current average rating of "Hold" and a price target adjusted to $2.49, reflecting recent cuts from firms like Rosenblatt Securities and Wells Fargo.

Boston Partners cut its position in 8x8 Inc (NASDAQ:EGHT - Free Report) by 3.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,419,520 shares of the company's stock after selling 225,336 shares during the quarter. Boston Partners owned about 4.87% of 8X8 worth $12,832,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. National Bank of Canada FI bought a new position in shares of 8X8 in the first quarter valued at $26,000. Captrust Financial Advisors bought a new position in 8X8 during the fourth quarter worth $30,000. Bayesian Capital Management LP bought a new position in 8X8 during the fourth quarter worth $43,000. Mercer Global Advisors Inc. ADV bought a new position in 8X8 during the fourth quarter worth $51,000. Finally, Cerity Partners LLC boosted its position in 8X8 by 11.8% during the fourth quarter. Cerity Partners LLC now owns 28,239 shares of the company's stock worth $73,000 after purchasing an additional 2,983 shares during the period. 93.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on EGHT. Rosenblatt Securities reduced their price objective on shares of 8X8 from $2.70 to $2.50 and set a "buy" rating for the company in a research report on Wednesday, August 6th. B. Riley reaffirmed a "buy" rating and set a $3.00 price objective (down from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a research report on Thursday, August 14th. Wall Street Zen cut shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Wells Fargo & Company reduced their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $2.49.

Insider Buying and Selling at 8X8

In other news, major shareholder Sylebra Capital Llc sold 103,826 shares of 8X8 stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54. Following the completion of the sale, the insider owned 13,781,823 shares of the company's stock, valued at approximately $24,669,463.17. This trade represents a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 310,470 shares of company stock worth $566,140 over the last three months. 2.01% of the stock is currently owned by company insiders.

8X8 Stock Performance

Shares of EGHT traded down $0.0550 during midday trading on Wednesday, reaching $1.8150. 309,120 shares of the stock were exchanged, compared to its average volume of 1,151,640. 8x8 Inc has a twelve month low of $1.52 and a twelve month high of $3.52. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. The company has a market cap of $247.51 million, a P/E ratio of -11.34, a PEG ratio of 2.04 and a beta of 1.85. The stock's 50 day simple moving average is $1.93 and its 200 day simple moving average is $2.03.

About 8X8

8x8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.